Housing loan deduction

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ashay joshi (Querist)
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06 September 2013 WHETHER HOUSING LOAN DEDUCTION IS AVAILABLE TO HUSBAND & WIFE SEPARATELY FOR TWO DIFFERENT PROPERTIES IF BOTH ARE REPAYING LOAN AMOUNT SEPARATELY? WHAT IF BOTH ARE CO-OWNERS OF THE PROPERTIES?

CA Pallav Singhania

CA Pallav Singhania (Expert)
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06 September 2013 Yes, they can claim deduction separately for two different properties,
But both having separate IT file..

IF person and his wife is co owner of house property then deduction of interest on housing loan in case of co ownership will be Rs.150000 allowable to both husband and wife. Please note following points in this regards;

1. Ceiling of Rs.150000 is set for Self occupied property.

2. Persons should be co owner of property and their names should be mentioned in registered sale deed.

3. Their share of property should mention in sale deed in the absence of any such information ownership deemed to be equal between all co owners.

4. For claiming home loan interest deduction, each co owner must have taken loan jointly.

5. If persons have taken loan from more than one bank but for the same house property then also deduction is allowed.

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